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Real Estate Prices & Overview

Spring Lake median real estate price is $645,524, which is more expensive than 93.1% of the neighborhoods in Minnesota and 77.2% of the neighborhoods in the U.S.

The average rental price in Spring Lake is currently $2,744, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 92.8% of the neighborhoods in Minnesota.

Spring Lake is a rural neighborhood (based on population density) located in Prior Lake, Minnesota.

Spring Lake real estate is primarily made up of medium sized (three or four bedroom) to large (four, five or more bedroom) single-family homes and townhomes. Most of the residential real estate is owner occupied. Many of the residences in the Spring Lake neighborhood are newer, built in 2000 or more recently. A number of residences were also built between 1970 and 1999.

Real estate vacancies in Spring Lake are 4.1%, which is lower than one will find in 72.8% of American neighborhoods. Demand for real estate in Spring Lake is above average for the U.S., and may signal some demand for either price increases or new construction of residential product for this neighborhood.

Notable & Unique Neighborhood Characteristics

Many things matter about a neighborhood, but the first thing most people notice is the way a neighborhood looks and its particular character. For example, one might notice whether the buildings all date from a certain time period or whether shop signs are in multiple languages. This particular neighborhood in Prior Lake, the Spring Lake neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.

Real Estate

If you like the look and ambience of new homes and newly built neighborhoods, you will love the Spring Lake neighborhood. A whopping 71.0% of the homes and other residential real estate here were built after 1999, which is a higher proportion of new homes then you will find in 96.0% of the neighborhoods in the U.S. Everything here just feels new.

People

The Spring Lake neighborhood is considered a solid choice for executive lifestyles. NeighborhoodScout's analysis ranks it as better than 92.7% of Minnesota neighborhoods for executive living, based on the wealthy, educated professionals, executives, and managers who choose to reside here, the spacious homes that are prominent features of the real estate in the neighborhood, and the high real estate appreciation rates found here relative to other neighborhoods in the state. In addition to being an excellent choice for highly educated executives, this neighborhood is also a very good choice for urban sophisticates.

Diversity

Did you know that the Spring Lake neighborhood has more Norwegian and Native American ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 16.9% of this neighborhood's residents have Norwegian ancestry and 2.4% have Native American ancestry.

The Neighbors

There are two complementary measures for understanding the income of a neighborhood's residents: the average and the extremes. While a neighborhood may be relatively wealthy overall, it is equally important to understand the rate of people - particularly children - who are living at or below the federal poverty line, which is extremely low income. Some neighborhoods with a lower average income may actually have a lower childhood poverty rate than another with a higher average income, and this helps us understand the conditions and character of a neighborhood.

The neighbors in the Spring Lake neighborhood in Prior Lake are wealthy, making it among the 15% highest income neighborhoods in America. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 93.2% of the neighborhoods in America. In addition, 0.6% of the children seventeen and under living in this neighborhood are living below the federal poverty line, which is a lower rate of childhood poverty than is found in 79.8% of America's neighborhoods.

What we choose to do for a living reflects who we are. Each neighborhood has a different mix of occupations represented, and together these tell you about the neighborhood and help you understand if this neighborhood may fit your lifestyle.

In the Spring Lake neighborhood, 54.2% of the working population is employed in executive, management, and professional occupations. The second most important occupational group in this neighborhood is sales and service jobs, from major sales accounts, to working in fast food restaurants, with 23.0% of the residents employed. Other residents here are employed in manufacturing and laborer occupations (12.4%), and 10.4% in clerical, assistant, and tech support occupations.

Languages

The most common language spoken in the Spring Lake neighborhood is English, spoken by 92.0% of households.

Ethnicity / Ancestry

Culture is shared learned behavior. We learn it from our parents, their parents, our houses of worship, and much of our culture – our learned behavior – comes from our ancestors. That is why ancestry and ethnicity can be so interesting and important to understand: places with concentrations of people of one or more ancestries often express those shared learned behaviors and this gives each neighborhood its own culture. Even different neighborhoods in the same city can have drastically different cultures.

In the Spring Lake neighborhood in Prior Lake, MN, residents most commonly identify their ethnicity or ancestry as German (32.4%). There are also a number of people of Norwegian ancestry (16.9%), and residents who report Irish roots (10.5%), and some of the residents are also of Polish ancestry (8.2%), along with some English ancestry residents (6.3%), among others.

Getting to Work

Even if your neighborhood is walkable, you may still have to drive to your place of work. Some neighborhoods are located where many can get to work in just a few minutes, while others are located such that most residents have a long and arduous commute. The greatest number of commuters in Spring Lake neighborhood spend between 15 and 30 minutes commuting one-way to work (39.3% of working residents), which is shorter than the time spent commuting to work for most Americans.

Here most residents (77.1%) drive alone in a private automobile to get to work. In a neighborhood like this, as in most of the nation, many residents find owning a car useful for getting to work.


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